| COMPANY |
Palo Alto Networks, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-01156 |
| JUDGE |
The Hon. Charles R. Breyer |
| CLASS PERIOD |
August 18, 2023 through February 20, 2024 |
| SECURITY TYPE |
Common Stock |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Palo Alto Networks, Inc. ("Palo Alto") (NASDAQ: (PANW) common stock between August 18, 2023 and February 20, 2024, both dates inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material facts, including that: (1) Palo Alto’s consolidation and platformization initiatives were not driving increased market share to a significant degree; (2) the company would need to ramp up platformization and free product offerings to entice customers to adopt more of their platforms; (3) Palo Alto’s high growth in billings was not sustainable; (4) new AI offerings were not facilitating greater platformization and consolidation; and (5) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about customer demand, billings, and platformization, as well as related financial results, growth, and prospects.
Current Status of Case:
On October 11, 2024, Lead Plaintiff filed an Amended Class Action Complaint. Defendants filed a Motion to Dismiss the Amended Class Action Complaint on December 10, 2024, and that Motion is being briefed by the parties. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.